Yes, the switch that Suzuki uses needs service, or it can quit on you. It has a small plastic bit which is moved by the lever. If the switch gets grimy, because of exposure to the elements, it can just not make contact, or get stiff and break that plastic bit. You can just bypass the switch; it's just there to keep dummies from trying to start in gear.
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'68-7? CB450 and '98 Valkyrie Tourer, too